Skip to content

Global Economy

BRICS, The Dollar, And The End Of US Empire, With Ben Norton

September 27, 2024 Mnar Adley, MintPress News. , , , ,
The United States is socially, politically and economically in crisis. As an increasingly large number of people are priced out of the economy, fewer and fewer buy into the sham of electoral politics. On the world stage, too, the U.S. is suffering. Countries everywhere are beginning to drop the dollar as the standard unit of exchange, and Washington’s prestige has been severely shaken due to its relentless, unequivocal support for Israel’s genocide in Gaza. Ben Norton joins MintCast host Mnar Adley to discuss all this and more. Norton is an investigative journalist and founder of Geopolitical Economy Report, a news source dedicated to looking at the world and seeing the big picture. He is currently pursuing a PhD in Beijing, China.

Boeing Workers Are Uniquely Situated To Disrupt The Global Economy

September 26, 2024 Jason Koslowski and James Dennis Hoff, Left Voice. , , , , ,
It’s been almost two weeks since more than 33,000 Boeing workers in Washington and Oregon went on strike, crippling one of the largest aerospace companies in the world. Since then Boeing has lost more than $500 million and is losing millions more every day. Thanks in large part to a series of terrible decisions, they seem unprepared to weather a long strike, but the struggle at Boeing has significant international implications as well. Boeing, after all, is the largest exporter in the United States by dollar value, the biggest supplier of commercial aircraft in the United States, and one of the main manufacturers of the weapons that Israel is using in both its genocide in Gaza and its war against Lebanon.

The United Nations Summit Of The Future Appears Stuck In The Past

September 18, 2024 Manuel Perez-Rocha, Inequality.org. , , , ,
The United Nations is hosting world leaders on September 22 and 23 for a “Summit of the Future.” Unfortunately, the draft action plan for the summit, while full of lofty language and some good intentions, does not challenge the neoliberal model or corporate control of the global economy. On the contrary, it proposes, for example, to “facilitate access of developing countries to the WTO and promote trade and investment liberalization.” It’s astounding that this plan, which is supposed to serve as the basis for an inter-governmental agreement, is so stuck in the past. For decades now, social movements and elected officials in many countries have become increasingly opposed to trade and investment rules that grant enormous privileges and power to transnational corporations.

Is The Reign Of The Dollar Coming To An End?

June 21, 2024 Vijay Prashad, Tricontinental: Institute for Social Research. , , ,
In early June, a rumour began to circulate – which was widely reported in the Indian press as true – that the government of Saudi Arabia had allowed its petrodollar agreement with the United States to lapse. This agreement, made in 1974, is quite straight-forward and fulfils various needs of the US government: the US purchases oil from Saudi Arabia, and Saudi Arabia uses that money to buy military equipment from US arms manufacturers while holding the income from the oil sales in US Treasury Bills and in the Western financial system. This arrangement to recycle oil profits into the US economy and the Western banking world is known as the petrodollar system.

Competing Global Economic Initiatives: A Tale Of Two Routes

June 20, 2024 Mohamad Zreik, Orinoco Tribune. , , , , ,
In recent years, two major economic initiatives have emerged in Asia, particularly in West Asia: China’s Belt and Road Initiative (BRI) and the India-Middle East-Europe Economic Corridor (IMEC). These initiatives represent a strategic contest between global powers vying for influence and economic dominance in a rapidly changing world. The Belt and Road Initiative, conceived by Chinese President Xi Jinping, is a modern resurrection of the ancient Silk Road. This initiative aims to connect China to the rest of the world through extensive infrastructure investments, including ports, roads, railways, and industrial zones.

The Perils And Promise Of The Emerging Multipolar World

June 15, 2024 Jeffrey Sachs, Friends of Socialist China. , , , ,
In his recent article for Common Dreams, Columbia professor Jeffrey Sachs describes the world’s trajectory towards multipolarity over the past three decades. He notes that, “in 1994, the G7 countries constituted 45.3% of world output, compared with 18.9% of world output in the BRICS countries (Brazil, China, Egypt, Ethiopia, India, Iran, Russia, South Africa, United Arab Emirates). The tables have turned. The BRICS now produce 35.2% of world output, while the G7 countries produce 29.3%.” The West’s political influence is also waning, as exemplified by the failure of the US-led sanctions against Russia from 2022: “When the US-led group introduced economic sanctions on Russia in 2022, very few countries outside the core alliance joined. As a result, Russia had little trouble shifting its trade to countries outside the US-led alliance.”

The Three Key Messages From St. Petersburg To The Global Majority

June 12, 2024 Pepe Escobar, Orinoco Tribune. , , ,
President Putin, a “European Russian” and true son of this dazzling, dynamic historic marvel by the Neva, delivered an  extremely detailed one-hour speech on the Russian economy at the forum’s plenary session. The key takeaway: as the collective West launched total economic war against Russia, the civilization-state turned it around and positioned itself as the world’s 4th largest economy by purchasing power parity (PPP). Putin showed how Russia still carries the potential to launch no less than nine sweeping – global – structural changes, an all-out drive involving the federal, regional, and municipal spheres.

Will BRICS Launch A New World In 2024?

March 17, 2024 Pepe Escobar, The Cradle. , , , ,
Across the Global South, countries are lining up to join the multipolar BRICS and the Hegemon-free future it promises. The onslaught of interest has become an unavoidable theme of discussion during this crucial year of the Russian presidency of what, for the moment, is BRICS-10. Indonesia and Nigeria are among the top tiers of candidates likely to join. The same applies to Pakistan and Vietnam. Mexico is in a very complex bind: how to join without summoning the ire of the Hegemon. And then there's the new candidacy on a roll: Yemen, which enjoys plenty of support from Russia, China, and Iran.

China Is ‘World’s Sole Manufacturing Superpower’, 35% Of Global Output

January 31, 2024 Ben Norton, Geopolitical Economy. , , ,
China has overseen world-historic economic growth through a government-led development model, in which state-owned enterprises control the natural monopolies and “commanding heights” of the economy, state-owned banks give favorable loans to strategic industries, and the state’s robust industrial policy helps the country move up the value chain toward higher value-added forms of production. This model, which Beijing officially refers to as a socialist market economy, has been so successful that a prominent European think tank has acknowledged that “China is now the world’s sole manufacturing superpower”. In 2020, China made up a staggering 35% of global gross manufacturing production.

The Center Of Gravity Is Tilting To The South

January 24, 2024 Mikaela Nhondo Erskog, Popular Resistance. , , , ,
When the countries of the Global North, led by the United States, demanded that the countries of the Global South adopt the North Atlantic Treaty Organization position on the war in Ukraine (namely to isolate Russia), they refused, accusing the West of double standards. Numerous leaders have since pointed to the Global North’s weakening credibility, signaling a new mood in the Global South. These changes are shaped, on the one hand, by the Global North’s loss of economic power alongside its increasing militarization and, on the other, by the Global South’s growing political demand for sovereignty and economic development.

World’s Economic Centre Of Gravity Is Returning To Asia

December 29, 2023 Vijay Prashad, Tricontinental: Institute for Social Research. , , , , ,
In October 2023, the United Nations Conference on Trade and Development (UNCTAD) published its annual Trade and Development Report. Nothing in the report came as a major surprise. The growth of the global Gross Domestic Product (GDP) continues to decline with no sign of a rebound. Following a modest post-pandemic recovery of 6.1% in 2021, economic growth in 2023 fell to 2.4%, below pre-pandemic levels, and is projected to remain at 2.5% in 2024. The global economy, UNCTAD says, is ‘flying at “stall speed”’, with all conventional indicators showing that most of the world is experiencing a recession.

No To APEC Coalition Unity Statement

November 20, 2023 International League of People's Struggle, US. , , ,
At the close of our People’s Counter Summit Against APEC, we issued a unity statement to summarize the positions of the No To APEC Coalition during our 2023 campaign culminating in the 800+ person Counter Summit.  The statement is titled “People and Planet against Profit and Plunder: Towards a World Beyond Profit-Oriented Systems!” We publish this statement as the APEC Heads of State concluded their own Summit with the so-called “Golden Gate Declaration” to lay out the rosey-sounding false solutions they spent an entire year writing while desperately-needed practical policies for reversing the global economic, political and climate crises eluded them.

The Perilous Path From Western Domination To De-Dollarization

October 3, 2023 Justin Podur, People's Dispatch. , , , , , ,
Two interesting things happened at the BRICS summit in South Africa in August. Several new members were invited to join BRICS in 2024: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE. And, at Brazil’s urging, a commission was established to study the possibility of a new currency to replace the dollar in international trade. Currency swap agreements will continue to be the way the process moves forward in the short term, though, because the dollar cannot be replaced in a rush. To escape the shackles of dollarization, Global South countries have a perilous path to walk. The major problems, as described by political economists Michael Hudson and Radhika Desai, are as follows...

‘The Great Taking’: How They Can Own It All

October 3, 2023 Ellen Brown, Web Of Debt. , , ,
The derivatives bubble has been estimated to exceed one quadrillion dollars (a quadrillion is 1,000 trillion). The entire GDP of the world is estimated at $105 trillion, or 10% of one quadrillion; and the collective wealth of the world is an estimated $360 trillion. Clearly, there is not enough collateral anywhere to satisfy all the derivative claims. The majority of derivatives now involve interest rate swaps, and interest rates have shot up. The bubble looks ready to pop. Who were the intrepid counterparties signing up to take the other side of these risky derivative bets? Initially, it seems, they were banks –led by four mega-banks, JP Morgan Chase, Citibank, Goldman Sachs and Bank of America.

Economic Growth In G7 Versus Brics: A Reality Check

September 11, 2023 Richard D. Wolff, NewsClick. , , ,
In the United Kingdom, the BBC prepared and published data from the International Monetary Fund (IMF) in January about different nations’ growth forecasts for 2023 and 2024. The BBC foregrounded some really bad news for the UK. Of nine major industrial economies—the G7 (the US, Canada, Japan, Germany, the UK, France, and Canada), plus Russia, and China—the UK would be the only one to suffer real economic decline: a contraction in its 2023 GDP (its total annual, national output of goods and services). So dubious a distinction for the UK followed the long political night of rule by the Conservative Party. That night’s darker moments included austerity after the severe 2008-2009 global capitalist crash, scapegoating Europe for the UK’s economic troubles, Brexit taking place during the peak of that scapegoating, enjoyment of COVID cocktail parties by former Prime Minister Boris Johnson’s government that it prohibited for the British public, and endless, transparent, and cringeworthy lying to the public when caught and exposed.
«1234567»
Sign Up To Our Daily Digest

Independent media outlets are being suppressed and dropped by corporations like Google, Facebook and Twitter. Sign up for our daily email digest before it’s too late so you don’t miss the latest movement news.